Star Petroleum Refining Pcl, a Thai refining unit of Chevron Corp., plans an initial public offering of as much as 15.6 billion baht ($434 million) to repay some loans and fulfill its obligation to the government for a stock listing.

Star Petroleum, owned 64 percent by Chevron at present, will raise about 3.1 billion baht from the sale of 345 million new shares at 9 baht each in the offering, it said in afiling with the nation’s Securities & Exchange Commission on Monday. PTT Pcl, the state-owned energy company, will offload its 36 percent stake, amounting to another 1.39 billion existing shares, at the same price to raise 12.5 billion baht, according to the statement.

Star Petroleum is the only unlisted Thai refiner that is majority owned by a foreign company, and the IPO will help it meet the condition under which it received the government’s license. Its listing plan has been delayed since at least 2006 amid military coups and oil price fluctuations.

The IPO, which includes an offer of 1.02 billion shares to local investors and 712 million shares to international subscribers, will dilute Chevron’s stake in the company to 57.4 percent. Chevron reserves the right to sell an additional 173.5 million shares in Star Petroleum if investor demand exceeds the current allocation, it said.

Star Petroleum will use about 1.91 billion baht from its sale of new shares to repay existing loans, according to the filing. The share offering will open for subscription between Nov. 23 and Dec. 1.

Among Thai refining units of foreign companies, Esso (Thailand) Pcl, a unit of Exxon Mobil Corp., listed its shares in 2008. Rayong Refinery Pcl, a refinery in which PTT acquired majority control from Royal Dutch Shell Plc in 2004, was listed in 2006.

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